XRP Price Temporary Bounce: Recovery Might Not Last
12 Junho 2024 - 1:08AM
NEWSBTC
XRP price extended losses and traded below the $0.50 zone. The
price tested the $0.4700 zone and is currently attempting a
short-term recovery wave. XRP is slowly moving higher from the
$0.470 support. The price is now trading below $0.4850 and the
100-hourly Simple Moving Average. There was a break above a
connecting bearish trend line with resistance at $0.480 on the
hourly chart of the XRP/USD pair (data source from Kraken). The
pair could recover, but the bears might be active near the $0.4880
resistance. XRP Price Finds Support XRP price failed to recover
above the $0.4880 resistance like Ethereum and Bitcoin. The price
extended losses below the $0.480 level. It even tested the $0.470
zone. A low was formed at $0.4701 and the price is now eyeing a
short-term recovery wave. There was a move above the $0.4750 level.
The price climbed above the 23.6% Fib retracement level of the
downward move from the $0.5053 swing high to the $0.4701 low.
Besides, there was a break above a connecting bearish trend line
with resistance at $0.480 on the hourly chart of the XRP/USD pair.
However, it is still trading below $0.4850 and the 100-hourly
Simple Moving Average. On the upside, the price is facing
resistance near the $0.4850 level. The first key resistance is near
$0.4880 or the 50% Fib retracement level of the downward move from
the $0.5053 swing high to the $0.4701 low. The next major
resistance is near the $0.4920 level. A close above the $0.4920
resistance zone could send the price higher. The next key
resistance is near $0.50. If there is a close above the $0.50
resistance level, there could be a steady increase toward the
$0.5050 resistance. Any more gains might send the price toward the
$0.5250 resistance. More Losses? If XRP fails to clear the $0.4850
resistance zone, it could continue to move down. Initial support on
the downside is near the $0.4750 level. The next major support is
at $0.470. If there is a downside break and a close below the
$0.470 level, the price might accelerate lower. In the stated case,
the price could decline and retest the $0.4550 support in the near
term. Technical Indicators Hourly MACD – The MACD for XRP/USD is
now losing pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for XRP/USD is now below the 50 level. Major
Support Levels – $0.4750 and $0.4700. Major Resistance Levels –
$0.4850 and $0.4920.
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